Paul R. Milgrom and Robert B. Wilson won the Nobel Prize 2020 in Economic Sciences on Monday, 12th October 2020. The Nobel was for improvements to auction theory and inventions of new auction formats.
In a press release, the Royal Swedish Academy of Sciences said that this year’s Laureates in Economics, Paul Milgrom and Robert Wilson, have studied how auctions work. The duo also designed new auction formats for goods and services that are difficult to sell in a traditional way using their insights. This also includes radio frequencies. Their discoveries have benefitted buyers, sellers, and taxpayers around the world. Also, do check out a tweet by the Nobel committee here.
The 2020 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded to Paul R. Milgrom and Robert B. Wilson “for improvements to auction theory and inventions of new auction formats.”#NobelPrize pic.twitter.com/tBAblj1xf8
— The Nobel Prize (@NobelPrize) October 12, 2020
The award adds a feather to a week of Nobel Prizes. The award is technically called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. It has been awarded 51 times since its establishment in 1969. And it is now widely considered one of the Nobel prizes.
Along with the enormous prestige that comes after winning the award, there are also monetary rewards. A 1.1 million dollar cash award and a gold medal will also come with the award. A ceremony for the award will be at Oslo, Norway. The award will be given on 10th December, which is also the anniversary of prize founder Alfred Nobel’s death.
Indian-American economist Abhijit Banerjee, Michael Kremer, and Esther Duflo won the Nobel in Economics in 2019. They won the award for their experimental approach to removing global poverty.
Candidates Who Won The Nobel In 2020 Other Than Paul Milgrom and Robert Wilson
- On Monday last week, the Nobel Committee awarded the prize for physiology and medicine to two Americans and a British scientist. they won the award for their contribution to identifying the Hepatitis C virus. The virus causes cirrhosis and liver cancer.
2. On Tuesday, the committee awarded the prize for physics honored breakthroughs in understanding the mysteries of cosmic black holes. The three scientists, a British, a German, and an American astrophysicist won the award.
3. On Wednesday, the Nobel prize in Chemistry was awarded. Two women scientists who were behind a powerful gene-editing tool won the award. The duo will also become the sixth and seventh women to win a Nobel prize in chemistry. They will be joining the likes of Marie Curie and Frances Arnold.
4. American poet Louise Gluck won the Nobel in Literature this year for her candid and uncompromising work on Thursday last week.
5. The World Food Programme won the prestigious Nobel Peace Prize 2020 on Friday last week. This is for its efforts to combat hunger and food insecurity globally.